Systems for automated trading and conversion of unmatched amounts into new quotes

ABSTRACT

Quotes entered into an automated trading system may comprise a visible, or primary, amount, and a linked or hidden amount. The visible amount only is shown to other traders on the system but part or all of the linked amount may be dealt if the order with the quote is match is for an amount greater than the visible amount. If, after matching and deal confirmation, all the visible amount has been dealt, but some or all of the linked amount remains, a fresh order for the remaining linked amount is generated and submitted to the trading system for matching. The new quoted may be visible only or may have a visible component up to a limit specified by the maker on submission of the original quote, with the remainder being linked. Maker quotes converted to taker quotes by an auto-match routine may be resubmitted for undealt linked amounts in the same way. In one aspect of the invention, linked amounts are matched and dealt before visible amounts.

CROSS REFERENCE TO RELATED APPLICATIONS

This application is a Continuation of application Ser. No. 11/464,848,filed on Aug. 16, 2006, which claims benefit under 35 U.S.C. §119(e) toU.S. Provisional Application No. 60/708,456, filed on Aug. 16, 2005, theentirety of each of which is incorporated by reference herein.

FIELD OF THE INVENTION

This invention relates to automated trading systems and in particular tothe handling of quotes which include parts which are visible to othertraders on the system and parts which are invisible to other traders onthe system.

BACKGROUND OF THE INVENTION

Anonymous trading systems are known which allow traders to hide theirtrue degree of interest from the market when they submit quotes to buyor sell the product traded on the system, typically a financialinstrument. A quote is a visible order to buy or sell the product whichis submitted into the system by a market maker and which is displayed topotential counterparties, sometimes subject to eligibility criteria suchas bilateral credit between the parties. The quote will typicallyinclude the amount of the order, the price, and an indication as towhether it is a buy or a sell order. In anonymous trading systems theidentity of the party submitting the quote is known to the tradingsystem but is not shown to other parties on the system until a trade hasbeen completed at which point the identity of the counterparties isreleased to each other.

It is of great importance to traders that they do not disclose theirtrading intentions to the market, as this could affect the market totheir detriment. For example, if it was clear that a given trader neededto buy a very large amount of a particular product, the price of offersto sell that product submitted by third parties could rise, resulting inthe trader having to buy at an inflated price. For this reason sometrading systems have introduced the ability to submit quotes with aprimary and a hidden or linked amount. A quote is submitted that has aprimary amount which is displayed to the market and a linked amountwhich is not displayed. Thus the trader can conceal the true degree oftheir interest. One example of this type of order is disclosed in U.S.Pat. No. 5,136,501 of Reuters Limited. Another example is implemented onthe EBS Foreign Exchange Dealing System provided by EBS Group Ltd ofLondon, England. Both of these systems allow a quote to have a primary,visible, amount and a secondary linked amount which is invisible totraders. If a quote is matched for an amount more than the primaryamount, a portion, or all, of the linked amount will also be dealt asnecessary to fill the order. However, any remaining portion of thelinked amount will be then be cancelled. Similarly, if the quote isdealt for the exact amount of the primary amount, the linked amount willbe cancelled. If not all the primary amount is dealt, the remainingamount remains in the system together with the linked amount.

This approach to hidden or linked amounts allows maker orders to includelinked amounts. Takers who submit invisible orders (hits) have nofacility for submitting linked amounts. The manner in which hiddenamounts work can be better understood from the following example.Consider a situation illustrated in FIG. 1 where a party A submits aquote consisting of an offer to sell for a primary amount of 5 (million)and a linked amount of 5 million. The primary amount is displayed tothose counterparty trading floors with which there is sufficientbilateral credit to trade. Party A has the first quote in the market andis first in the queue. A second party B then submits an offer to sellfor a primary amount of 20 at the same price a little after party A.Party B is second in the queue behind party A. A third party C thensubmits a bid to buy for 4 at the offer price. Because the systemmatches on price time priority, party C's bid will be matched with partyA's offer. A deal is now pending between parties A and C with 4 millionof party A's primary amount reserved in an initiated state. Finally, afourth party, party D submits a buy bid for 25 at the offer price at atime after party C's buy. Party A has a pending deal with party C for 4million, and only part of the primary amount initiated. Thus Party D ismatched with party A for the remaining primary amount of 1 M and thelinked amount of 5 M. A deal is now pending for 6 M between parties Aand D. The deal between parties A and C is then completed and confirmedas a done deal. Party A's balance of 6 is not available for matchingbecause the full primary amount (1 M) is in the initiated state. Thus, amatch is made between parties B and D and a deal is pending between Band D for 19 M. The pending deal between A and D is then confirmed for 6M (1 primary and 5 linked). Party A's original offer of 5 visible and 5linked is now complete and is removed from the market. Next, the pendingdeal between B and D is completed and confirmed as done between B and Dfor 19. However, parties B's original offer for 20 has one remaining andthat offer remains in the system as a live quote which is now at the topof the queue.

If, in the example above, the party C buy had been for 5, the entireprimary amount of party A's offer would have been in a deal pendingstate. The remaining lined order for 5 could not have been matched withthe party D buy order. When the party A and C deal was completed, thelinked amount would have been cancelled. If the party A and C deal hadfailed, for example through lack of credit, both the primary and thelinked amounts of party A's offer would have again been available formatching.

SUMMARY OF THE INVENTION

Linked or hidden amounts, as presently implemented, are a usefuladdition to the tools available to traders. However, we have appreciatedthey are at present limited in their usefulness. The invention thereforeaims to provide an improved method and system for enabling quotes to besubmitted with hidden or linked amounts.

Broadly, a first aspect of the invention submits unmatched hiddenamounts as fresh quotes into the system. A second aspect of theinvention allows traders to work the balance by submitting back into thesystem bids and offers with both a visible and an invisible amount. Athird aspect of the invention reverses the order that quotes with hiddenamounts are matched, so that the hidden amount is matched before thevisible amount. In one preferred embodiment of the third aspect, aminimum visible amount may be matched before the invisible amount,followed by the remainder of the visible amount.

More specifically, the invention provides an automated trading systemfor trading products between traders, comprising: a plurality of orderinput devices for entering quotes to buy or sell products traded on thesystem, the quotes including a price, a visible amount and a linkedhidden amount, and for entering orders in response to quotes input fromothers of the plurality of order input devices; a market distributioncomponent for distributing quotes to order input devices, the quotesbeing shown to order input devices only for the visible amounts; amatching engine for matching quotes to buy or sell with orders submittedin response to the quotes, the matching engine being configured to matchthe visible amounts of the quotes matched before the linked amounts; anda quote generation and submission device for converting any residualunmatched linked amount into a fresh quote at the same price as thematched quote and submitting the fresh quote to the system for matching.

Embodiments of the invention have the advantage that parties trading onthe system can trade the whole amount that they wish to trade and nothave to physically resubmit the unmatched linked amount as a new quoteas in prior art systems. This requires vigilance on the part of thetrading party and is time consuming. As markets can move very fast,automatic resubmission by the system can be the difference between aquote being entered at a price that will be dealt and one that isoutside the current market.

Preferably, the quote generation and submission device is configured tosubmit the fresh quote only after a deal for the matched amount of theoriginal quote has been confirmed. Preferably quotes entered from theorder input devices include an indication of a limit of the hidden orlinked amount that can be shown to other order input devices as avisible amount in a fresh quote, and the quote generation and submissiondevice is configured to form a fresh quote having a visible amount up tothe visible amount limit with the remainder as a linked amount. Thislatter feature has the advantage that the trading party still does notneed to display the extent of their interest to the market. They mayspecify a small amount of the total original linked amount as beingconvertible to a visible amount in a new order, but keep the remainderas invisible.

Preferably, the matching engine comprises an auto-matching component formatching quotes submitted by two order input devices, one of the quotesbeing converted by the auto-matching component into a taker order, andwherein the quote to be converted into a taker order includes a price, avisible amount, a linked amount, and an indication of a limit of thelinked amount that can be shown as a visible amount, and wherein thequote generation and submission device is configured to convert anyresidual unmatched linked amount of the converted taker order followingthe auto-match into a fresh quote at the same price as the matched quoteand to submit the fresh quote to the system for matching, the freshquote having a visible amount up to the limit indicated with theremainder as a linked amount. The conversion of maker quotes to takerorders for auto-matching is known, but this preferred embodiment enablethe advantage of resubmitted unmatched linked amounts with limitedvisible display to be extended to taker orders, so enabling taker sidelinked amounts.

Preferably, it is the later submitted quote that is converted into ataker order.

The invention also provides an automated trading system for tradingproducts between traders, comprising: a plurality of order input devicesfor entering quotes to buy or sell products traded on the system, thequotes including a price, a visible amount and a hidden or linkedamount, and for entering orders in response to quotes input from othersof the plurality of order input devices; a market distribution componentfor distributing quotes to order input devices, the quotes being shownto order input devices only for the visible amounts; and a matchingengine for matching quotes with hits submitted from order input devices,the matching engine being configured to match the linked amount of thequotes before the visible amount.

Preferably any unmatched amount of a quote remains in the systemavailable for matching by the matching engine.

Preferably the matching engine is arranged to match an amount less thanthe whole of the visible amount, prior to matching the linked, theremainder of the visible amount being matched after matching of thelinked amount. The amount less than the whole of the visible amount maybe the minimum quote amount permitted by the system.

The invention further provides an automated trading system for tradingproducts between traders, comprising: a plurality of order input devicesfor entering quotes to buy or sell products traded on the system, thequotes including a price, a visible amount and an invisible linkedamount, and for entering orders in response to quotes input from othersof the plurality of order input devices; a market distribution componentfor distributing quotes to order input devices, the quotes being shownto order input devices only for the visible amounts; a matching enginefor matching quotes to buy or sell with orders submitted in response tothe quotes, the matching engine being configured to match the visibleamounts of the quotes matched before the linked amounts, and having anauto-matching component for matching quotes submitted by two order inputdevices, one of the quotes being converted by the auto-matchingcomponent into a taker order, and wherein a quote to be converted into ataker order includes a price, a visible amount, an invisible linkedamount, and an indication of a limit of the linked amount that can beshown as a visible amount; and a quote generation and submission devicefor converting any residual unmatched linked amount of the convertedtaker order following auto-match into a fresh quote at the same price asthe matched quote and for submitting the fresh quote to the system formatching, the fresh quote having a visible amount up to the limitindicated with the remainder as a linked amount.

Preferably, the quote generation and submission device is configured tosubmit the fresh quote only after a deal for the auto-matched amount ofthe original quote has been confirmed.

BRIEF DESCRIPTION OF DRAWINGS

Embodiments of the invention will now be described, by way of exampleonly, and with reference to the accompanying drawings, in which:

FIG. 1 is a time line showing the prior art process described above;

FIG. 2 is a schematic representation of an anonymous trading system onwhich aspects of the invention may be embodied;

FIG. 3 is a time line diagram illustrating a first aspect of theinvention;

FIG. 4 is a time line diagram illustrating a second aspect of theinvention;

FIG. 5 is a time line diagram illustrating a third aspect of theinvention; and

FIG. 6 is a time line diagram illustrating a fourth aspect of theinvention.

The figure shows an exemplary embodiment of an anonymous trading systemon which the invention may be embodied. Other system architectures arepossible and the invention is not dependent on any particular systemarchitecture. Moreover, the invention is not limited to anonymoustrading systems and may be applied in systems in which the identity ofparties submitting quotes is not concealed. The architecture shown inthe figure is based on a distributed architecture disclosed in U.S. Pat.No. 5,375,055 (Togher), the contents of which are incorporated herein byreference. Alternatively, the invention could run on a host based systemsuch as that disclosed in EP-A-0,399,850. In the embodiment shown, anumber of trading floors A B and C are shown. Each of these includes aplurality of order input devices shown as trader terminals 10, a tradingfloor administrator 12, and a deal feed client terminal 14. The dealfeed client is a workstation which receives done deal tickets from adeal feed server 16 and communicates those tickets to the tradingfloor's party position keeping systems 17 for, amongst other things,settlement. The trading floor administrator is a terminal which hasadministration privileges and through which system parameters for thetrading floor, such as credit limits, are set. The order input devices10 shown are trader terminals which are workstations used by traders tocommunicate with the system by exchange of deal related messages andwhich displays market related information to the traders. Order inputdevices may include automated trading interfaces which run tradingalgorithms and automatically submit orders to the market in response todata received from the system representing market conditions.

The deal feed server 16 is connected to a mass data storage device 18which keeps a record of deals done on the system and to a broking node20 from which it receives done deal information for generation of dealtickets. The broking node 20 acts as the interface between the tradingfloor and the arbitrator 22 which, amongst other things, acts as amatching engine to match quotes submitted into the system. The brakingnode is responsible for storing credit limits and for preparing marketviews for distribution to trading floors in accordance with their creditlimits, quotes from parties with whom a trading floor does not havecredit being withheld from the trading floor. The broker node is alsoresponsible for quote submission, deal status information andnotification, trader profile information and entitlements and thestorage of settlement instructions. The broker node communicates withthe arbitrator via a gateway 24. In practice, in the EBS system, thereare three separate arbitrators positioned geographically apart from oneanother with one arbitrator covering each of the three major tradingregions: North and South America, Europe and the Far East. Also, inpractice, each arbitrator has a plurality of brokers connected to it,with each broker interfacing with a plurality of trading floors. Thearbitrator and gateway nodes also communicate with a city node 26 whichis used for provision of market rates and news information. Thearbitrator is additionally connected to a log manager 28 which, in turn,is connected to billing and help desk components 30, 32.

When a trader submits a visible quote into the system, a bid or anoffer, the quote will be displayed to those third party trading floorswhich have bilateral credit with the trading floor from which the quoteoriginated. The quote includes the amount to be bought or sold and therate. Typically the quote will be entered by the trader by filling inthe price and amount in a panel displayed on the trader workstationdisplay. The order includes an inherent identification of the productthat is being traded although in most anonymous systems the trader willnot need to enter this information. A party which places visible quotesinto the market is a market maker as they are providing quotes for otherparties to deal. A third party wishing to conclude a deal on the at therate bid or offered can either submit an invisible order or anothervisible order. An invisible order is one which is not displayed to otherparties on the system and is known as a hit or a take. A trader seeing aquote on their screen may submit a hit to conclude a deal, if they arequick enough and the deal does not fail, for example due to insufficientcredit. A counterparty may also be matched with a visible order bysubmitting a visible order of their own. In the EBS system this isachieved by a process known as auto-match. By submitting their ownvisible quote, the party is a maker in their own right but auto-match,which is a well known feature of the existing EBS system will match twomaker quotes together if the prices match and the quotes of on oppositesides, that is one is an offer to sell and the other is a bid to buy.Auto-matches may occur when a trader fortuitously submits a quote intothe system or when the trader sees a quote on their display anddeliberately submits a quote, rather than a hit/take. The auto-matchprocess converts the second maker, on a time basis, into the taker forthat deal. We have appreciated that the process of auto-match can beextended to enable taker side linked amounts. The prior art provision oflinked amounts is maker side only. Thus only one party to a deal, themaker, can submit a linked amount as part of their order. The termshidden amounts and linked amounts are used hereinafter both to mean anamount that is linked to a visible amount but is invisible to traders.

The technique to be described involves working the balance of the takerorder, that is the maker order which the auto-match process convertsinto a taker order. If the taker order is for an amount greater than themaker order, the residual amount, rather than being cancelled, is workedby resubmitting it into the system as a fresh maker order. The ordergoes to the back of the queue of orders to be dealt at that price; thatis it loses its time priority.

Thus, one aspect of the invention allows traders to include linkedamounts in orders which are auto-matched and which become taker orders.Of course, in the prior art systems, any maker order could include alinked amount, but if it was auto-matched and became a taker order, thelinked amount was automatically combined with the primary amount. Oncompletion of the auto-match, the balance would be resubmitted as afresh order. Thus, the benefit of the linked amount, that of notdisclosing the trader's position, is lost. In this aspect of theinvention the trader, when submitting a quote with a linked amountincludes not only the amount of the linked part of the deal, but alsohow much of that amount he is prepared to show if the quote isresubmitted. Thus a trader may indicate that no more than 1 M should beshown as a visible quote. This approach allows traders to continue toconceal their true level of interest and effectively provides taker sidelinked amounts in the auto-match process. This approach is alsoapplicable to conventional orders submitted with linked amounts. Inprior systems, any undealt portion of the linked amount is cancelled. Inone aspect of the invention, the undealt portion of the linked amount,which could be all the linked amount, is resubmitted to the system as afresh quote, with the attendant loss of time priority. This fresh quotemay either be a simple visible order or may apply the same limit to theamount of the order that may be displayed as a visible order with theremainder being a linked amount.

A third aspect of the invention reverses the order in which the visibleand linked parts of the order are dealt so that the linked amount isdeal first and then the visible amount. Any residual amount stillremains in the market but unlike the examples given above, it is notnecessary to resubmit these residual amounts as that are visible amountswhich remain in the market. The difference is that the residual amountsretain their time priority which would be lost of a new quote wassubmitted. In a preferred embodiment of this aspect, a minimum visibleamount may be dealt first, for example $1 M followed by the linkedamount and then the balance of the visible amount. This approach may beneeded in some systems in which market information in the form of donedeals is displayed to all participants. This would not be possible ifthere was no visible amount dealt

These aspects will now be illustrated with reference to samplescenarios, whose time lines are show in FIGS. 3 to 6 respectively.

Scenario 1—Resubmission of undealt linked amounts (FIG. 3).

At time T party A submits a quote having a primary offer amount of 5(Million) and a linked amount of 5. The party A quote is at the front ofthe queue.

At time T+1, the party A quote is distributed to trading floors withwhom party A has bilateral credit and is displayed at the traderworkstations of counterparty traders.

At time T+2, party B hits the party A quote for 8. The hit is aninvisible order, so automatch does not apply.

At time T+3, a deal is pending for 8 between parties A and B.

At time T+4, the deal is confirmed for 8 which comprises the primaryamount of 5 and the linked amount of 3.

At time T+5, a new quote for 2 is submitted to the market as a visiblequote and with time T+5, having a lower time priority than any otherquotes at the same price entered since time T.

Scenario 2—Resubmission of undealt linked amounts with maximum shownamount (FIG. 4).

The process is the same as scenario 1 except that at time T, when PartyA submits their order, they additionally specify that the maximum amountof the linked amount that may be converted into a visible quote is 1.Conveniently, this will be a box in the order entry panel into which thetrader enter details of the quote. This may have a default value unlessset by the trader.

At time T+5, rather than submitting a new visible quote for 2, thesystem will generate a primary quote for 1 with a linked amount of 1.

Scenario 3—Auto-match with linked amounts (FIG. 5)

At time T party A submits a quote having a primary offer amount of 5(Million) and a linked amount of 5. The party A quote is at the front ofthe queue.

At time T+1, the party A quote is distributed to trading floors withwhom party A has bilateral credit and is displayed at the traderworkstations of counterparty traders.

At time T+2, party B having seen the quote from party A submits a buyquote with a primary amount of 5 and a linked amount of 5 at the sameprice. The quote specifies that no more than 1 of the linked amount maybe displayed as a visible order.

At time T+3, the system auto-matches the sell and buy offers at the sameprice, converting the party B buy order into the taker for the deal anda deal is pending for 10 between parties A and B.

At time T+4, the deal between parties A and B is confirmed for 10.

At time T+5, the system submits a new quote on behalf of party B at thesame price as the original party B quote having a visible amount of 1and a linked amount of 1. The quote has a lower time priority than anyother quotes at the same price entered since time T.

Scenario 4—Reversal of matching order (FIG. 6).

At time T party A submits a quote with a primary offer amount of 5 and alinked amount of 6.

At time T+1 party B hits the offer for 8 and a deal between A and B ispending.

At time T+2 party C submits a quote with a primary offer amount of 3

At time T+3 the deal between party A and B completes.

At time T+4 party D submits a quote with a primary bid amount of 3

At time T+5 the system auto-matches the party D quote with the residual3 of the party A primary amount. The party C quote, submitted before theparty A and B deal is completed is not matched as the residual primaryamount of the party A offer retains its price priority.

At time T+6 the deal between A and D is confirmed.

Thus, the embodiments described provide three modifications to linkedamounts:

(i) reversal of the matching order to match linked amount before primaryamount;

(ii) resubmission of unfilled maker linked amounts as new orders; and

(iii) specification of maximum visible amount a linked amount may beconverted into.

(ii) and (iii) may be combined together as in scenario 2. The auto-matchscenario 3 enables taker linked amounts to be preserved and re-enteredif the taker order is auto-matched.

Embodiments of the invention have the advantage that they make linkedamounts more attractive to traders and provide them with a facility toenable large amounts to be dealt on an anonymous trading system withoutrepeatedly having to re-submit orders into the system.

Many variations to the embodiments described are possible and will occurto those skilled in the art. In particular, embodiments of the inventionmay be implemented on any trading system regardless of its architectureand regardless of whether or not it is anonymous. Moreover, theinvention is not limited to the trading of any particular product and isapplicable to any product that may be traded. It is particularly suitedto the trading of financial products such as financial instruments,especially foreign exchange products but is not limited thereto. Theterm financial instrument means any enforceable instrument having amonetary value. The invention is limited only by the scope of thefollowing claims.

What is claimed is:
 1. An automated trading system for trading productsbetween traders, comprising: a market distribution component configuredto, in response to the trading system receiving from traders quotes tobuy or sell products traded on the system, the quotes including a price,a visible amount and a linked hidden amount, distribute the quotes totraders so as to show the visible amounts, but not show the linkedhidden amounts; a matching engine configured to match the quotes to buyor sell products with orders received from traders in response to thedistributed quotes, the matching engine being configured to match thevisible amounts of quotes before the linked hidden amounts; and whereinthe matching engine is configured to replenish a matched quote with anyresidual unmatched linked amount of the quote, the replenished quotebeing at the same price as the matched quote, wherein the matchingengine further comprises an auto-matching component configured to matchquotes received from two traders and convert one of the quotes into ataker order, wherein the quote to be converted into a taker orderincludes a price, a visible amount, a linked hidden amount, and anindication of a limit of the linked amount that can be shown as avisible amount; and wherein the matching engine is further configured toreplenish the quote converted into the taker order following theauto-match with any residual unmatched linked amount, the replenishedquote being at the same price as the matched quote the replenished quotehaving a visible amount up to the limit indicated with the remainder asa linked amount.
 2. An automated trading system for trading productsbetween traders, the system comprising: one or more memories; one ormore severs being connected to one or more of the memories andconfigured to: respond to the receipt of a quote associated with a firsttrader by storing the received quote, the received quote being a quoteto buy or sell a product traded and including a price, a visible amountand a linked hidden amount, the received quote including an indicationof a maximum amount of the linked amount that can be shown to traders asa visible amount in the submitted new quote and the one or more serverssubmit the new quote with a visible amount that does not exceed themaximum amount; distribute the received quote to other traders using thesystem in a manner which causes the visible amount to be shown to theother traders, but the linked hidden amount not to be shown to the othertraders; respond to the receipt of an order associated with one of theother traders by storing the received order, the order being at theprice of the quote and for an amount which is equal to or greater thanthe visible amount but less than the combination of the visible andlinked hidden amounts,; match the order with all of the visible amountand, if the order is for an amount which is greater than the visibleamount, with a portion of the linked hidden amount so that there is aresidual amount of the linked hidden amount which is unmatched; andsubmit a new quote on behalf of the first trader into the system at theprice of the received quote and with a visible amount.
 3. The automatedtrading system of claim 2, wherein the new quote is submitted only aftera deal for the matched amount of the quote has been confirmed.
 4. Theautomated trading system of claim 2, wherein the visible amount of thenew quote is equal to the residual amount.
 5. The automated tradingsystem of claim 2, wherein the visible amount of the new quote is lessthan the residual amount.
 6. The automated trading system of claim 2,wherein the received order is for an amount which is greater than thevisible amount.
 7. The automated trading system of claim 2, wherein thenew quote is for an amount equal to the residual amount.
 8. An automatedtrading system for trading products between traders, comprising: one ormore memories; one or more servers connected to one or more of thememories and configured to: in response to the trading system receivingfrom traders quotes to buy or sell products traded on the system, thequotes including a price, a visible amount and a linked hidden amount,distribute the quotes to traders so as to show the visible amounts, butnot show the linked hidden amounts; match the quotes to buy or sellproducts with orders received from traders in response to thedistributed quotes, the matching engine being configured to match thevisible amounts of quotes before the linked hidden amounts; replenish amatched quote with any residual unmatched linked amount of the quote,the replenished quote being at the same price as the matched quote,match quotes received from two traders and convert one of the quotesinto a taker order, wherein the quote to be converted into a taker orderincludes a price, a visible amount, a linked hidden amount, and anindication of a limit of the linked amount that can be shown as avisible amount; and replenish the quote converted into the taker orderfollowing the auto-match with any residual unmatched linked amount, thereplenished quote being at the same price as the matched quote a thereplenished quote having a visible amount up to the limit indicated withthe remainder as a linked amount.